Pickens plan encapsulated

Texas oil tycoon sees answer blowin' in the wind
BY T. BOONE PICKENS SPECIAL TO THE NEWS
Saturday, July 19th 2008, 12:25 PM
Most New Yorkers remember the old national debt clock in Times Square. It ticked upward every second to show how deep in debt our country was growing - to awaken Americans to a crisis.
We've got an even greater problem now, with consequences far more significant: Our dangerous and growing dependence on foreign oil, an issue that will require us to spend $700 billion this year, which is more than four times the cost of the Iraqi war.
Like many of you, I ignored the telltale signs as our imports of foreign oil grew from 24% in 1970 to 42% in 1990 to 70% today.
With only 4% of the population and 3% of the world's oil reserves, we now consume 24% of the world's oil.
We have had three years of record oil price increases. And while oil supply is decreasing, demand will only increase as developing nations consume more oil. Which will drive prices even higher.
We have drifted for decades without an energy plan. We cannot afford to wait any longer.
Here's my plan to reduce America's foreign oil imports by more than one-third in the next decade.
It starts with wind. Wind is 100% domestic, 100% renewable and 100% clean. In the middle part of our country from Texas to the Canadian border, we have some of the world's largest wind reserves. Using private investment in wind farms, we can tap that power and create 22% of the nation's electricity.
Wind energy can replace the natural gas we currently use to fuel our power plants to create electricity. We can then use that freed-up natural gas for transportation. Natural gas is cleaner, cheaper and better than gasoline, and it's found in abundance in the U.S.
At the same time, I also want to see us explore all avenues, from more R&D into batteries and fuel cells to development of solar, ethanol and more conservation. We should also consider drilling in the outer continental shelf.
It may seem simple, but these three steps would displace more than one-third of our foreign oil imports and get us to our goal. My plan can be accomplished through private investment with no new consumer or corporate taxes or government regulation.
We have a golden opportunity in this election year to build support for this plan. We can solve this one - if we come together and take on the responsibility of change.
Pickens, a life-long Texas oilman, is chief executive officer of BP Capital. Learn more about his ideas at www.pickensplan.com